Standard Chartered request the assistance of London to enable him to open a branch in Iraq to compete with U.S. banks

19/08/2013 19:21


Detection Standard Chartered Bank Standard Chartered British, today announced its reliance on support of his government to enable it to open branches in Iraq, while among the main objective of it is to meet the banking needs of the growing clientele in the country, particularly in the electricity sector and the oil, telecommunications and infrastructure, and to find " foothold "him among U.S. banks, which began providing services there, said his quest to open three branches in the capital Baghdad and Erbil during the last quarter of the current year 2013 and then in Basra during the 2014 next.

The newspaper The National The National UAE, issued in English, the subject was published today, and seen by (range Press), said, "Standard Chartered Bank Standard Chartered British rely on the aid of his government to help him to open branches in Iraq by the end of this year," noting that this "step comes within the framework of a British bank endeavor to find a foothold among U.S. banks, which began offering its services in the banking market of Iraq."

The UAE newspaper added, that "the British bank is preparing to launch three branches in Iraq during the period of the next year and a half, to meet the financial needs of loans for reconstruction projects the oil-rich country (Iraq) after a decade of war."

The National reported that "U.S. banks operating in Iraq effects, mainly بسيتي the Bank Citibank and JP Morgan JPMorgan where Beshra their investment in the country after the recovery of oil production and the return of investment banking contracts."

The UAE newspaper pointed out that, despite the "difficult security conditions experienced by Iraq, Standard Chartered Bank is planning to have a presence on the ground there as part of a strategic push into the country."

It quoted The National, a spokesman for Standard Chartered Bank, unidentified, as saying that "the bank is planning to open three branches in Iraq," noting that "the two branches will open in Baghdad and Erbil during the last quarter of 2013, the current, to be third in Basra during the the next year, 2014, after obtaining the approvals of fundamentalism. "

The spokesman added, according to the newspaper, that "the bank raised its request to Iraqi officials to get a license to open branches," stressing that "the main objective of it is to meet the banking needs of growing our employees in Iraq, especially in the electricity sector, oil, telecommunications and infrastructure."

The newspaper The National The National UAE, for one of the workers in the British bank, who asked not to be identified, as saying that "the British embassy in Baghdad, play an active role in helping Standard Chartered Bank to enter the Iraqi market by facilitating the course of negotiations with existing federal government and the regional government Kurdistan, "asserting that" the bank is trying to get local customers since the first day of the opening of branches. "

The bank Citigroup Citigroup U.S. banking services, أعلت in (24 June 2013), the opening of an office in Baghdad to become the first U.S. bank expands its services to include Iraq, betting in his step these economic opportunities, "long-term" in the oil-rich country, according to the quoted by the British newspaper Financial Times, and seen by (Presse term), and published in a timely manner.


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